GEORGETOWN, Del. — Dow Chemical reached a tentative deal Monday to complete its disputed $15 billion buyout of Rohm & Haas. The combined company will shed thousands of additional jobs and freeze salaries this year.

Rohm & Haas shareholders will still get $78 per share, but the company's two biggest shareholders will not get a cash payout, a concession that allows Dow to take on billions less in debt than if the deal were to close under the original terms.

The Haas family trust and Paulson & Co., will take a $2.5 billion stake in preferred shares issued by Dow. In addition, the Haas family will make an additional investment of $500 million at Dow's option.

Dow will be able to apply those funds toward the acquisition instead of drawing the money down from an existing bridge loan. Dow still plans to draw as much as $10 billion from the loan.